Before you touch this spread, recognize this is a knife-catching exercise on a stock that just got halved. The chart shows a catastrophic break of all support, and while IV is screaming at 100%, the premium is a mirage against the momentum. The math says you need a sell strike around $6.

50 for a 15% buffer, but that’s still inside yesterday’s carnage. A $6. 50/$5.

50 spread might yield $0. 30 on a $1. 00 width—it passes the 0.

25 floor, but you’re getting paid pennies to stand in front of a freight train. The sector context is toxic, and there’s no technical floor in sight. Wait for the chart to find a base; selling premium into panic is a great way to fund someone else’s retirement.